Trump warns of substantial tax reimbursement
Donald Trump has frequently touted his ability to pay little in taxes even with his billion-dollar fortune. However, he might have taken tax optimization a step too far, according to a report.
The New York Times and ProPublica, in collaboration, have reported that former US President Donald Trump could owe a staggering $100 million (€93 million) in back taxes. The issue stems from a construction project in Chicago, where Trump allegedly double-claimed a loss. The agencies are citing an investigation by the US Internal Revenue Service (IRS).
The project in question is a 92-story glass skyscraper on the Chicago River, which is Trump's tallest and last significant construction project to date. The plan involved building condos, but a combination of cost overruns and the severe 2009 recession caused by the financial crisis led to Trump incurring significant losses. It's been claimed that he wrote off the same losses twice.
Eric Trump, Trump Organization's vice president and the former president's son, said in a statement to the New York Times that the matter had been resolved long ago. "We're confident in our position," said Eric Trump. An IRS spokesman reiterated that the agency does not comment on matters related to private taxpayers due to legal restrictions.
Trump has long been known for boasting about his minimal federal tax payments before his presidency, linking these to business losses. Trump served as president from 2017 to 2021. He is now running for re-election after losing office in favor of Democratic incumbent Joe Biden. The upcoming presidential election in November is expected to be a tight race between the two candidates.
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If elected president again in 2024, Donald Trump might face scrutiny over his significant potential tax debt. The revelation of potential tax fraud in relation to a Chicago construction project could pose challenges for Trump's tax revenue and could potentially label him as a tax evader during his campaign.
Source: www.ntv.de
